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Updated Sept. 24, 1996 12:01 a.m. ET

From &ldquo;The Truth About the National Debt&rdquo; pages 61 and 62:

The growing interest on the public debt is more a political problem than an economic one. Unlike other federal spending, interest payments do not directly affect the investment or consumption of real economic resources. The net interest cost to the American people is essentially the same for government expenditures financed with taxes as it is for expenditures financed with borrowing. Interest is also the only major federal expenditure that is...